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Automakers can also keep rates low through their captive finance companies, Edmunds.com's Caldwell said. She expects car companies to help keep rates low for a while, since raising them could hurt sales.
Auto executives said Tuesday that they're not too concerned about loan rates, because there are so many other positive factors encouraging buyers. Ford's U.S. sales chief, Ken Czubay, pointed out that there are still 4 million pickups on the road that are 12 years old or older and will likely need to be replaced soon.
Here are results posted Tuesday by major automakers:
- DETROIT BRANDS: GM's sales rose a better-than-expected 6.5 percent in June. In addition to pickups, the Chevrolet Cruze small car was a big seller, with sales up 73 percent over last June. Buick was GM's only brand than faltered, with sales down 4.5 percent. Ford's sales rose 14 percent on big demand for cars and the Escape small SUV, which had its best month ever. Chrysler gained 8 percent despite a public flap with the government last month over the safety of some older-model Jeeps. Dodge sales were up 12 percent and Ram sales jumped 23 percent.
- JAPANESE BRANDS: Toyota's sales rose 10 percent thanks to strong sales of the Camry sedan, Prius hybrid and the newly redesigned Avalon sedan, which nearly quadrupled its sales over last June. Honda's sales also rose 10 percent on solid demand for the Civic and Accord sedans as well as SUVs. Nissan's sales jumped 13 percent. The Altima and Sentra sedans both recorded double-digit gains. Sales of Nissan's electric Leaf quadrupled to 2,225 after the company lowered the price earlier this spring.
- OTHERS: Volkswagen's sales dropped 3 percent, the third straight monthly decline for the German car company. Sales of the Passat and Jetta sedans were up, but the Golf dropped sharply as fans waited for a redesign expected later this year. South Korea's Hyundai had its best June ever, with sales up 2 percent. Elantra small car sales rose 26 percent and Santa Fe SUV sales were up 14 percent.
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